Albemarle Corp. Files Q2 2024 10-Q
Ticker: ALB-PA · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 915913
| Field | Detail |
|---|---|
| Company | Albemarle CORP (ALB-PA) |
| Form Type | 10-Q |
| Filed Date | Jul 31, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
ALB Q2 10-Q filed. Financials and operations updated.
AI Summary
Albemarle Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the chemical and energy storage sectors.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Albemarle Corp., crucial for understanding the company's position in the lithium and specialty chemicals markets.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company operates in volatile commodity markets, which inherently carries risk.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
- 2024-06-30 — As of Date (End of the reporting period)
Key Players & Entities
- ALBEMARLE CORP (company) — Filer
- 20240630 (date) — Reporting Period End Date
- 20240731 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 31, 2024.
What is Albemarle Corp.'s Standard Industrial Classification code?
Albemarle Corp.'s Standard Industrial Classification code is 2821, for Plastics, Materials, Syn Resins & Nonvulcan Elastomers.
What is the company's state of incorporation?
Albemarle Corp. is incorporated in Virginia (VA).
What is the fiscal year end for Albemarle Corp.?
Albemarle Corp.'s fiscal year ends on December 31.
Filing Stats: 4,652 words · 19 min read · ~16 pages · Grade level 16.9 · Accepted 2024-07-31 16:41:53
Filing Documents
- alb-20240630.htm (10-Q) — 1958KB
- exhibit3110630202410q.htm (EX-31.1) — 10KB
- exhibit3120630202410q.htm (EX-31.2) — 10KB
- exhibit3210630202410q.htm (EX-32.1) — 5KB
- exhibit3220630202410q.htm (EX-32.2) — 5KB
- 0000915913-24-000139.txt ( ) — 9647KB
- alb-20240630.xsd (EX-101.SCH) — 54KB
- alb-20240630_cal.xml (EX-101.CAL) — 92KB
- alb-20240630_def.xml (EX-101.DEF) — 269KB
- alb-20240630_lab.xml (EX-101.LAB) — 612KB
- alb-20240630_pre.xml (EX-101.PRE) — 440KB
- alb-20240630_htm.xml (XML) — 1736KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Consolidated Statements of (L oss) Income - Three and Six Months Ended June 30 , 2024 and 2023 4 Consolidated Statements of Comprehensive (Loss) Income - Three and Six Months Ended June 30 , 2024 and 2023 5 Consolidated Balance Sheets - June 30 , 2024 and December 31, 2023 6 Consolidated Statements of Changes in Equity - Three and Six Months Ended June 30 , 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30 , 2024 and 2023 9 Notes to the Condensed Consolidated Financial Statements 10 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.
Controls and Procedures
Controls and Procedures 52 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 52 Item 1A.
Risk Factors
Risk Factors 52 Item 5. Other Information 53 Item 6. Exhibits 53
SIGNATURES
SIGNATURES 54 EXHIBITS 3 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited). ALBEMARLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF (LOSS) INCOME (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 1,430,385 $ 2,370,190 $ 2,791,121 $ 4,950,442 Cost of goods sold (a) 1,440,963 1,811,703 2,762,761 3,115,415 Gross (loss) profit ( 10,578 ) 558,487 28,360 1,835,027 Selling, general and administrative expenses 168,948 397,070 346,660 551,376 Capital project assets write-off 292,315 — 309,515 — Research and development expenses 20,770 21,419 44,302 41,890 Operating (loss) profit ( 492,611 ) 139,998 ( 672,117 ) 1,241,761 Interest and financing expenses ( 35,187 ) ( 25,577 ) ( 73,156 ) ( 52,354 ) Other income, net 33,666 53,954 83,567 136,446 (Loss) income before income taxes and equity in net income of unconsolidated investments ( 494,132 ) 168,375 ( 661,706 ) 1,325,853 Income tax (benefit) expense ( 30,660 ) 42,987 ( 34,381 ) 319,950 (Loss) income before equity in net income of unconsolidated investments ( 463,472 ) 125,388 ( 627,325 ) 1,005,903 Equity in net income of unconsolidated investments (net of tax) 286,878 551,051 467,378 947,239 Net (loss) income ( 176,594 ) 676,439 ( 159,947 ) 1,953,142 Net income attributable to noncontrolling interests ( 11,604 ) ( 26,396 ) ( 25,803 ) ( 64,519 ) Net (loss) income attributable to Albemarle Corporation ( 188,198 ) 650,043 ( 185,750 ) 1,888,623 Mandatory convertible preferred stock dividends ( 41,688 ) — ( 53,272 ) — Net (loss) income attributable to Albemarle Corporation common shareholders $ ( 229,886 ) $ 650,043 $ ( 239,022 ) $ 1,888,623 Basic (loss) earnings per share attributable to common shareholders $ ( 1.96 ) $ 5.54 $ ( 2.03 ) $ 16.10 Diluted (loss) earnings per share attributable to common shareholders $ ( 1.96 ) $ 5.52 $ ( 2.03 ) $ 16.03 Weighted-average common shares outstanding – basic 117,528 117,332 117,489 117,282 Weig